Robinhood Crypto Conquers All US States: What’s Next?

Robinhood Crypto has officially expanded its reach to all 50 states, including the U.S. Virgin Islands and Puerto Rico, marking a significant milestone in its operational footprint. Starting today, users across all U.S. territories can trade a diverse portfolio of 15 assets, such as Bitcoin, Ethereum, Dogecoin, and Avalanche.

This expansion gives Robinhood a competitive edge over major U.S. crypto exchanges like Coinbase and Kraken, especially in terms of availability. Unlike these competitors, Robinhood’s trading volume isn’t visible on popular price aggregators like CoinGecko or CoinMarketCap. Instead, Robinhood opts to disclose these figures in its quarterly earnings reports.

Despite the broader access, the trading volume on Robinhood Crypto witnessed a decline, totaling $7.1 billion—a 30% drop from the previous $10.1 billion. In contrast, Robinhood’s equities business continues to thrive, with $86.8 billion traded in May, up 23% from April.

The extension into new territories was facilitated by the acquisition of additional licenses and easing of regulatory requirements. Johann Kerbrat, the Vice President and General Manager of Robinhood’s crypto unit, highlighted key regulatory advancements. In Puerto Rico, Robinhood secured a money transmitter license, while Hawaii has revamped its regulatory framework to foster cryptocurrency business activities. Moreover, the U.S. Virgin Islands’ lack of specific cryptocurrency regulations presented no barriers to Robinhood’s expansion.

Kerbrat also underscored Robinhood’s aspirations beyond the U.S. borders, aiming for a presence in the EU. This strategy aligns with their recent acquisition of crypto exchange Bitstamp in a $200 million deal, setting the stage for further expansion and integration into the global crypto market by early 2025.

Robinhood Crypto’s aggressive expansion strategy and the integration of Bitstamp herald a bullish outlook for the company, positioning it for sustained growth and diversification in the burgeoning cryptocurrency market.